By creating this registry, individuals that satisfy the State’s requirements would be allowed to register with the division and would then also appear on a listing of home improvement suppliers made available to the general public. One of the registration requirements is that suppliers must post a surety bond.
If this bill becomes a law, the Consumer Protection Division will determine the minimum bond amount that needs to be posted, but the bond may not exceed the penal sum of $25,000.
The purpose of proposing this surety bond requirement is to guarantee a sense of financial safety for consumers. If the principal (supplier) conducts work in an unethical or unprofessional manner, consumers will not suffer any financial damages or unfortunate circumstances as a result of poor workmanship.
In addition to posting a surety bond, the enactment of SB 108 would require individuals who wish to register as a home improvement supplier in Indiana to also fulfill the following requirements:
- Submit an application allotted by the Division
- Obtain the proper licenses required by the applicant’s employer
- Pay all mandatory application and registration fees
- Handle at least 5 home improvement supplier contracts in a given calendar year
This bill is currently being reviewed by the committee. In the condition that this bill passes and becomes a law, the effective date of new legislation begins July 1, 2015.
If you are considering applying for a home improvement supplier bond in Indiana, Suretybonds.com is here to help. As a team of dedicated and professional surety specialists, we make your bonding needs our number one priority. Call us today at 1 (800) 308-4358 to speak to a surety expert or submit an online bond request form now. We can get you bonded quickly, easily, and accurately!
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